Housing Finance Reform

One of my top priorities in Congress is ensuring every resident of the 12th Congressional district has housing that they can reasonably afford. I hosted a series of Housing Roundtables with residents, business leaders and City and State elected officials to discuss the current state of housing. I am fighting for New Yorkers in Congress and with federal officials to ensure housing options that work for all New Yorkers are available. Whether it’s first time homebuyers, hardworking families ready to expand their home base, one income parents struggling to keep a roof over their heads, or elderly residents searching for housing with essential services for seniors, I have and will continue to advocate for affordable housing options for New Yorkers at every stage of life. 

As Ranking Member of the House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises, restoring a stable and liquid housing finance system is another key component of my work.  Especially essential to New York is a strong and stable multifamily housing finance system to ensure builders and borrowers can continue to increase the multifamily housing stock at affordable rates to residents. 

That is why the preservation of housing for residents at Stuyvesant Town Peter Cooper Village STPCV has and will remain a primary focus of my work. I secured a commitment from the Conservator and Chief Regulator of Fannie Mae and Freddie Mac, Federal Housing Finance Director Melvin Watt, that no party will be able to refinance the loans on STPCV with Fannie Mae and Freddie Mac until the affordability issues have been resolved to the satisfaction of both the City of New York and the tenants’ organization.   I also reintroduced legislation that would sharply curtail the ability of any Government Sponsored Enterprise, such as Fannie Mae and Freddie Mac, to invest in future transactions that result in a reduction of affordable housing in New York or anywhere in the nation.

I have long been an advocate for sorely needed senior housing. I helped secure substantial federal support for senior housing through a multitude of federal sources, such us the Section 202 program, the Federal Home Loan Bank, HUD’s HOME program, and the Low Income Housing Tax Credits. The work of my office resulted in six senior housing developments being built in the 12th Congressional district, including Archbishop Ivanovo’s Senior Residence, HANAC PCA Senior Residence, George T. Douris Tower, Riverview Gardens, Carnegie East House, and Vallone Family Senior Residence.

Adequate funding for public and assisted housing is also critical to addressing the affordable housing problem facing our City. The district I am privileged to represent is home to Queensbridge Housing, the largest public housing project in the nation, was once “home” to many now-famous recording artists. I will continue to urge my colleagues in Congress to provide appropriate funding for programs designed to assist the poorest of the poor, which often include children, such as the Section 8 subsidized housing program.